1. Define the target market
This should be a set of characteristics that describe the organizations you plan to sell to including industry, location, size, status and performance. The market can consist of either existing customers or a new market.
2. Understand your buyer personas
Buyer personas are a representation of what your ideal buyer looks like. What roles do they have? What does their day-to-day look like? What challenges do they face? How does your offer help them solve their challenges and achieve their goals?
3. Create a value proposition
Your value proposition is a pledge of what will be delivered, experienced and acquired by a prospect when they become a customer. It should clearly convey why they should choose you over a competitor.
4. Identify key competitors
Assess the strengths and weaknesses of current and potential competitors. This will uncover opportunities to differentiate your product or service from theirs in the minds of your consumers while mitigating possible threats.
5. Choose a pricing strategy
You can analyze what competitors with similar products are doing to gain initial pricing strategy ideas, but your pricing model should be built around the value that your product provides to your customers while maximizing profitability.
6. Determine purchasing methods
Consider the ways someone could purchase your product and become a customer. Can they sign up for a trial or demo? Is there a free version of the product? Will you provide a consultation or assessment?
7. Marketing and sales strategy
Determine the ways you plan on educating your target market about your new offer. This will be heavily dependent on whether you are targeting existing customers or new markets.
8. Launch
Once you have gone through the seven items on this checklist, you will be ready to introduce your new product or service. Take a deep breath, don't panic and launch!
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